A blockchain transaction refers to the process of transferring data or assets between parties within a blockchain network. This transaction is recorded in a decentralized and immutable ledger, which is a core component of blockchain technology.
Key Components of a Blockchain Transaction
Data Transmission: At its most basic, a blockchain transaction involves the transmission of data or assets, such as cryptocurrencies, from one party to another[1][2][4].
Decentralized Ledger: The transaction is recorded on a blockchain, which is a type of distributed ledger technology. This ledger is maintained across multiple nodes (computers) in the network, ensuring that the data is replicated and verified across several points, thus eliminating the need for a central authority[1][2][3].
Immutability: Once a transaction is recorded on the blockchain, it cannot be altered or deleted. This immutability is secured through cryptographic hash functions, which encode the transactions into a format that is extremely difficult to reverse-engineer[1][3][6].
Consensus Mechanisms: Transactions are added to the blockchain through a process that involves consensus mechanisms. These mechanisms, such as Proof of Work (PoW) or Proof of Stake (PoS), ensure that all participants in the network agree on the current state of the ledger before any new transactions are added. This process helps to prevent fraud and ensures the integrity of the data recorded on the blockchain[1][2].
Smart Contracts: In some cases, blockchain transactions utilize smart contracts, which are self-executing contracts with the terms of the agreement d...
